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  • Supporters of the Government of President Alberto Fernández marched in Buenos Aires on November 17, 2020, Militancy Day, as a show of support for the president and his proposal that seeks that people who have

    Supporters of the Government of President Alberto Fernández marched in Buenos Aires on November 17, 2020, Militancy Day, as a show of support for the president and his proposal that seeks that people who have "great fortunes" make an "extraordinary solidarity contribution." | Photo: EFE/ Juan Ignacio Roncoroni

Published 19 November 2020
Opinion

The plan includes direct credits through the Productive Development Fund (FONDEP) and financing of public and private banks. 

Argentine President Alberto Fernández announced a plan to support small and medium-sized enterprises (SMEs) with $700 million to help it recover from the economic crisis due to the COVID-19 pandemic.

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"Small and medium-sized companies are the ones that create work in Argentina, and we have to promote products to grow so that Argentines bring their families their daily sustenance," Fernández explained.

The plan includes direct credits through the Productive Development Fund (FONDEP) and financing of public and private banks. Also, a maximum of $186.871 will be given as funding for seven years. The credits can be used to acquire new capital goods, construction of facilities, and more.

"President Alberto Fernández heads the launch event of the Financial Reactivation and Inclusion Plan for SMEs."

"In this, the State must be very present because we saw what happened when everything was in the hands of the markets, what was in It was detrimental to the development of small and medium-sized companies and only favored the accumulation of more profits by the large monopolies and oligopolies,” the Argentine president emphasized.

The plan is addressed to projects from the industrial, agro-industrial, and service sectors, as SMEs' representatives also announced a new package of millionary investments that aims to create 300 jobs.

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